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Good morning:  I wanted to talk about Garage Cyber Insurance coverage in your business.  I know some of us do not think we need coverage for this for a variety of reasons; we are small, who cares about hacking into my system, I am not a bank or a big retailer.  Yet can you imagine running your business with a paper scheduling system, or doing your books or your banking the old fashion way?  Technology has been taking over our lives in every aspect.  And it continues to move that way, with all the smart phones that are out there.  These are nothing more than hand held computers.  OK, I agree you are not the pentagon or the IRS but we all do face some cyber challenges.

You are at your niece's birthday party and bring your laptop into the house because it is hotter than a volcano inside your car, and that’s no good for your laptop.  Some one walks off with it because it is easy pickens.  Or someone breaks into your car and steals it.  Yes the machine is probably covered by your auto insurance but your client’s information is gone. Your hard drive fries from an electrical overload because you charging cord went bad and looks like your fifth grader's science project gone wrong.  There is no way you are getting the data out of that thing.  It is not even big enough to be a doorstop. You think you are OK because your client’s info is stored in the "Cloud", wherever this cloud may be.  Now there is a place that hackers wouldn’t target because of all their security (Sarcasm).  Remember security is only good till someone finds an opening in something.  Maybe a disgruntled employee steals your login information and erases everything you have in this "Magical Cloud". Someone finds a way to get a program in your system that steals all your data.  There are idiots out there that write programs just to screw up other people's lives.  I don't get it because they are causing problems for people they do not even know. 

The more your business utilizes the technology, the greater the chance of something going wrong and the more people you are responsible for.

Now you have to notify all your clients that their information might have been compromised.  How many letters is that and what is that going to cost you, not only in time and material for the letters, but customers going some where else?  Even if the information was not used by a criminal, you are still responsible for notifying your customers.  You have a ton of competition.

What are you going to do?  Provide credit monitoring to all your customers?  How are you going to cover this?  Is this a business interruption?  Check out your Garage owner’s policy and some have a section in there specifically for this, BUT most do not.  This is typically an extra endorsement you have to add in to your garage liability policy.  If you have added this to your policy great just read it and make sure you understand what you are covered for.  I understand that we are all have to deal with the customer, that we rotate his tires and his engine burns up because He does not put oil in it and blames you because you were the last one to work on it.  But this cyber threat is real and growing and as we are more interconnected with our business partners and our clients we need to address Cyber Liability issue. 

If you want us to help you understand what you currently have for Cyber responsibility and even if your Insurance is not with us, I would be glad to take a look at it. 

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Colgrove Financial, LLC
555 W Chandler Blvd. Suite 203
Chandler, AZ 85225
Phone: 480.550.9444
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